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BlockFi Monthly Update – February 27th, 2020
Published, 28 February, 2020
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February has been a huge month for us with one particularly large announcement: we raised a $30M Series B and were featured across major media channels. We’re thrilled at the opportunity to reach more people with our products.
We’re making updates to our BTC and ETH rates, which will go into effect March 1, 2020. You will likely be affected by this change, so we’ve taken a moment to explain the changes that will be occurring below.
As a reminder, we recently added support for the stablecoin USDC. Like GUSD, you will earn interest at the industry-leading rate of 8.6% APY on your USDC, and trade with no fees. Learn more about stablecoins and their benefits here.
Please note, BlockFi Interest Account (BIA) interest payments will be going out on the first business day of this coming month (March 2, 2020).
$30M Series B Led by Valar Ventures
We’ve experienced exponential growth as a platform and we’re gearing up for an exciting 2020. Our $30M Series B led by Valar Ventures will help us launch more products faster and continue to build a best-in-class experience.
One of our goals for 2020 is to bring crypto to mainstream audiences. As we scale, we’ll be looking for your continued support in spreading the word about our products through engagement on social media and participation in .
Learn more about our Series B in Bloomberg, Forbes, and a live interview with our CEO, Zac Prince, on CNBC.
Rates Update
Starting March 1, 2020, we will be updating our BTC and ETH interest rates. We generate interest rates for you by lending crypto to institutional investors and rates are affected by market conditions. You can learn more about how this works and the factors that drive rates here and here.
Updated rates:
BTC
- Tier 1 | 4.9% APY | up to 3 BTC
- Tier 2 | 3.2% APY | > 3 BTC
ETH
- Tier 1 | 3.6% APY | up to 250 ETH
- Tier 2 | 2.0% APY | > 250 ETH
Interviews
We’ve been hard at work producing educational content for our video series, . Check out our most recent BlockFi Live episodes and other interviews here:
If you ever have any questions, our support team is always happy to help. Please visit our contact us page.
– The BlockFi Team
Rates for BlockFi products are subject to change. Digital currency is not legal tender, is not backed by the government, and BIA accounts are not subject to FDIC or SIPC protections. Crypto assets are deposited into an account with Gemini or BitGo, our primary custodians and licensed depository trusts. For more information, please see BlockFi’s Terms of Service.
Last updated on August 5th, 2022
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As of February 14, 2022, the BlockFi Interest Account (BIA) is no longer available to new clients who are US persons or persons located in the US and existing US clients with BIA accounts are unable to transfer new assets to their BIAs. Learn More.
BlockFi Lending LLC NMLS ID#1737520 | NMLS Consumer Access
BlockFi Trading LLC NMLS ID#1873137 | NMLS Consumer Access
Digital currency is not legal tender, is not backed by the government, and crypto accounts held with BlockFi are not subject to FDIC or SIPC protections. Digital currency values are not static and fluctuate due to market changes. Not all products and services are available in all geographic areas and are subject to applicable terms and conditions. Eligibility for particular products and services is subject to final determination by BlockFi. Rates for BlockFi products are subject to change.
BlockFi Rewards Credit Card: For more information, please see BlockFi’s Terms of Service. BlockFi is not a Bank. Cards are issued by Evolve Bank & Trust, Member FDIC, pursuant to a license from Visa® USA Inc. Rewards are not offered by Evolve Bank & Trust and are instead offered and managed by BlockFi.
BlockFi International Ltd. holds a Class F digital assets business license under the Digital Assets Business Act, 2018 (as amended) and is licensed by the Bermuda Monetary Authority to conduct the following digital assets business activities: (i) issuing, selling or redeeming virtual coins, tokens or any other form of digital assets (ii) operating as a digital asset exchange (iii) providing custodial wallet services (iv) operating as a digital asset derivative exchange provider and (v) operating as a digital assets services vendor.
See blockfi.com/terms for more information.
2022 © All Rights Reserved.
BlockFi Lending LLC NMLS ID#1737520 | NMLS Consumer Access
BlockFi Trading LLC NMLS ID#1873137 | NMLS Consumer Access
Digital currency is not legal tender, is not backed by the government, and crypto accounts held with BlockFi are not subject to FDIC or SIPC protections. Digital currency values are not static and fluctuate due to market changes. Not all products and services are available in all geographic areas and are subject to applicable terms and conditions. Eligibility for particular products and services is subject to final determination by BlockFi. Rates for BlockFi products are subject to change.
BlockFi Rewards Credit Card: For more information, please see BlockFi’s Terms of Service. BlockFi is not a Bank. Cards are issued by Evolve Bank & Trust, Member FDIC, pursuant to a license from Visa® USA Inc. Rewards are not offered by Evolve Bank & Trust and are instead offered and managed by BlockFi.
BlockFi International Ltd. holds a Class F digital assets business license under the Digital Assets Business Act, 2018 (as amended) and is licensed by the Bermuda Monetary Authority to conduct the following digital assets business activities: (i) issuing, selling or redeeming virtual coins, tokens or any other form of digital assets (ii) operating as a digital asset exchange (iii) providing custodial wallet services (iv) operating as a digital asset derivative exchange provider and (v) operating as a digital assets services vendor.
See blockfi.com/terms for more information.
2022 © All Rights Reserved.